The Resnick-Wynn family business conference spotlighted the successes of multi-generational, family-owned companies by bringing together some of the most prominent business leaders in Southwest Florida.  

Steve Forbes, a two-time former Republican presidential candidate and the son of longtime Forbes magazine publisher Malcolm Forbes, and the grandson of magazine founder B.C. Forbes, served as keynote speaker Friday morning at FGCU’s Cohen Ballroom. He took the audience of about 250 people through a half-hour talk with themes of innovation and historical milestones. He touched upon the difficulties family-owned businesses face today, to include impacts of the COVID-19 pandemic and the Russian invasion of Ukraine.  

Forbes told Gulfshore Business that he had no ties to Southwest Florida other than a 10-year stretch when he used to take his family of five daughters to Naples for spring break vacations. He told the audience they were wise to stay focused on family-owned businesses, which were at the forefront of America.  

“The timing of this gathering couldn’t be more timely or more important because of what’s happening in the world,” Forbes said. “Family businesses are important across the world. In America, they’re not only important, they’re a source of upward mobility. That’s how we won the Cold War. It was through a dynamic economy.”  

Forbes touched upon innovation about how the computer and the automobile didn’t necessarily have one inventor; they had a series of innovators who constantly improved those inventions.  

“It’s not enough to invent something,” Forbes said. “You then have to develop it and make it better. You have to set the foundation for future inventions and creativity. This type of innovation only happens in free markets.”  

Forbes also touched upon taking your business and focusing on its primary purpose.  

“What is your purpose,” he asked. “What is your mission? What is it that you are trying to do? If you know, you won’t get hung-up when changes are coming. People get hung-up on what was done instead of what they need to do.  

“When my grandfather started Forbes magazine in 1917, he was an immigrant from Scotland. People learned from stories that were told before. When my grandfather came over here, he couldn’t get a job anywhere. He went to an editor one day and said, ‘I’ll work for you for free for a few weeks and show you my work.’ And so, he got the job. He was so full of energy and ambition. It’s those kinds of stories that resonate with people and with businesses.”  

Other stories that resonated filled the rest of the morning.  

Michael Wynn, board chairman and president of Sunshine Ace Hardware, talked about the difference between a family business and a business family.  

“A family business puts family above anything else,” Wynn said. “Family first. A family business seeks unanimous consensus before making decisions. A business family prioritizes what’s best for the business first, and the family second. The business is expected to make a profit first.”  

In today’s business world, so many obstacles present themselves, he said. Outside volatility and negativity. Stark political divisions. Digital disruptions that continue to alter the business landscape. 

“There are some serious issues,” Wynn said. “Do I put my family first or my business first? Do we keep growing our businesses as a family from generation to generation or do we seek a buyout in the end? What about including outside voices in our business? It represents a significant shift in culture. Outside voices represent a loss of control.”  

To counteract that, the family business leaders should bring in a family confidante.  

“Set up an advisory board,” Wynn said. “It can be invaluable to provide expertise and objective input. Finding a way to sustain the cultural foundations started by your family.”  

Shelly Stayer expanded upon that theme during her 30-minute presentation. She’s the co-owner and chairperson of the board of Johnsonville sausage company. It grew from a small butcher shop in Johnsonville, Wisconsin, population 65, to a global behemoth that has 110 products sold in more than 50 countries.  

Ralph Stayer founded the company in 1945. His oldest son, Ralph C. Stayer, became the CEO in 1968 and retired in 2015. Prior to that, he developed a succession plan—to his wife, Shelly.  

Shelly Stayer talked about the family upheaval the succession plan caused. Years later, she can laugh, but in real time, it created stress.  

“Ralph started the meetings, and it was a nightmare,” she said. “We needed a psychotherapist, a priest, an attorney and honestly just anybody who could call the meeting to order. We hired and fired a number of consultants. It was such a mess for the first two years.”  

Shelly Stayer directed part of her talk to the females in the audience.  

“I reflect back on the issues we had, I want to say you can wear multiple hats,” Stayer said. “They talk about what hat you are wearing.   

Some of the kids didn’t get it. They thought it was opaque. They weren’t quite sure about me.”  

She said she had to overcome being seen by her children and stepchildren as “wearing the mom hat.”  

“When Ralph made me chairperson, I wasn’t totally ready,” she said. “They had never seen me as anything other than mom. A divorce, as you know, does tear many families apart. If you are working together in a business, make it known what you are doing. I did it the hard way. I wore multiple hats. I proved myself. And they now have faith in me. I wanted to share this with you. It is a strong message.”  

The Hoffmann family of Naples participated in a roundtable discussion with event co-host John Resnick of the Resnick Group, which provides insurance guidance, estate planning and business succession plans for affluent families and executives.  

David Hoffmann, chairman of Hoffmann Family of Companies, and Jerrilyn Hoffmann, director of design and retail, celebrate their 50th wedding anniversary this summer. Geoff Hoffmann, CEO of DHR Global, and Greg Hoffmann, CEO of Hoffman Commercial Real Estate, shared the stage.  

They own a number of luxury and hospitality businesses in Collier County, as well as Hertz Arena in Lee County. They also own an oil distribution business in California among many other interests.  

David Hoffmann talked about the importance of getting involved in the community.  

“How can we get involved as citizens,” David Hoffmann asked. “We get involved as much as we can.  

“We think if downtowns don’t thrive, residential real estate doesn’t thrive. We think of Naples as certainly vibrant.”  

The program ended with a roundtable of Forbes, Hoffmann, Wynn and Stayer.